Robinhood Wallet adds support for Bitcoin, Dogecoin and Ethereum swaps

Quick Take

  • Robinhood’s crypto wallet is launching “custody, send, and receive support for Bitcoin and Dogecoin,” in addition to enabling Ethereum swaps.
  • The company said it has hundreds of thousands of users in more than 140 countries.

     

Less than six months since Robinhood first launched its own crypto wallet, the company is adding "custody, send, and receive support for Bitcoin and Dogecoin," in addition to enabling Ethereum swaps.

The added functionality comes in response to users requesting the additional support, according to a Robinhood spokesperson.

When Robinhood Wallet became available to customers using Apple devices in March, the self-custody wallet supported the Polygon and Ethereum networks and tokens including COMP, MATIC, SHIB, SOL, UNI and the USDC stablecoin.

The wallet is still not available on Android devices, but the functionality is expected to launch later this year.

Since the March announcement, Robinhood has also announced its wallet supports the Arbitrum and Optimism blockchains.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Adding Bitcoin and Dogecoin support to the mix, two of the world's most popular tokens by market cap, follows the release of Robinhood's most recent earnings report where it said revenue from crypto fell to $31 million, compared with $38 million in the previous quarter.

Ethereum swaps

While Ethereum swaps capability is now live, the functionality is not yet available to all customers, the company said.

"In-app Ethereum swaps started rolling out to select users today for [more than 200] tokens and will become available to everyone in the coming weeks," the company said in a statement. "Unlike other wallets, users can swap without holding Ethereum, and network fees are automatically deducted from the tokens they already hold."


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

Editor

To contact the editor of this story:
Nathan Crooks at
[email protected]